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Russia Central Bank
Russia Central Bank
Executive Summary
- The CBR is broadly expected to keep policy rates unchanged at 20% this week as it awaits greater visibility on the delayed impact of western sanctions to reflect in local data. Markets anticipate a sharp rise in inflation, coupled with a significant downturn in growth.
- The meeting is more symbolic than anything with policymakers conducting adjustments via an ad-hoc approach rather than on a meeting-by-meeting basis.
- Nabiullina’s post-decision statement will also be eyed closely as speculation swirls about her potential resignation.
- In the medium-term markets see the CBR eventually reducing rates as the immediate shock subsides, but note significant uncertainty in the near-term as the fallout from the crisis continues to evolve.
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MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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